An Empirical Study Of The Enterprise Efficiency Investment Of Human Capital

With the development of knowledge economy, the core of enterprise competition is no longer the physical capital but the Human Capital. Only owns the high quality of Human Capital, can he win the initiative of competition. At present, China has to deal simultaneously with the slowdown in economic growth, making difficult structural adjustments,and absorbing the effects of the previous economic stimulus policies, in which a development model of traditional enterprises that draws on high levels of investment and energy consumption and is heavily driven by quantitative expansion becomes difficult to sustain. So we must transform the mode of development of economy and improve the economic structure, for witch enterprises should cultivate the Human Capital and improve the level of Human Capital Investment.However,the majority of enterprises in our country pay more attention to material capital investment rather than Human Capital Investment,and they often make the inefficient investment decisions about Human Capital, which causes that the material capital cannot match with Human Capital. That not only wastes the limited resources,but also affects the growth of the enterprise economic benefit. And it is not conducive to the transformation and upgrading of the enterprises. Therefore, we stud the problem of inefficient investment of Human Capital is great significance to guide the enterprises to make the rational Human Capital Investment decisions.This paper has reviewed the theoretical and empirical research both at home and abroad,and has made further theoretical analysis systematically on how the information asymmetry and signaling theory which cause the inefficient investment behavior of Human Capital. Under the background of special equity structure of the listed companies and Government Intervention,this thesis brings forward the analysis hypothesis.Then,taking the financial data of the listed companies in Shanghai and Shenzhen stock markets from 2011 to 2013 as the research samples,research whose performance of the Human Capital Inefficient Investment behavior.The paper also researches the true influence of Ownership Structure,Board Size and the Government Intervention to the inefficient investment of Human Capital.The results shows:(1)under-investment of the Human Capital rather than over-investment is prevailing in Chinese enterprises.(2)From the point of ownership structure,ownership concentration and under-investment of the Human Capital are negative correlation; Equity restriction and over-investment of Human Capital are positive correlation;Under-investment of the Human Capital of non-state enterprises is more serious than state-owned enterprises, on the contrary, over-investment of Human Capital of state-owned enterprises is more common.(3)The Board Size is negatively related to the inefficient investment of Human Capital.(4)Government Intervention and under-investment of the Human Capital are negative correlation.Based on this,the paper holds that listed companies should optimize the equity structure,expand the scale of the board appropriately so that the inefficient investment of Human Capital will be alleviated.At the same time,government also should take a series of measures such as increasing Human Capital investment-related government subsidies and tax preferential policies to inspire enterprises to invest Human Capital.Only in this way,the inefficient investment of Human Capital problem can be solved validly as well as the enterprises`investment efficiency will be enhanced.